No: AH 04052024 May 14th, 2024 Subject: Management Discussion & Analysis (MD&A) for the Financial Statements of the 1st Quarter of Fiscal Year 2024 Ended as of March 31, 2024 To: The President The

responsible business behavior and climate accountability. All stakeholders in the capital market, both listed companies and financial intermediaries such as securities companies and asset management

, President of the Stock Exchange of Thailand (SET), Secretary General of the Association of Thai Securities Companies (ASCO), Chairman of the Association of Investment Management Companies (AIMC), Chairman

sustainable growth as well as their ability to perform the duties of public independent director.To meet the objectives above, the SEC Board has drafted rules and procedures for the selection of the SET

growth and could eventually generate an insufficient sum for post-retirement living.In addition, studies show that more than 50 percent of the PVD members has received less than 1 million baht upon

continuous growth. As of Q2/2011, net asset value was at B595,228 million (a 3.8% rise over year-end 2010), having 10,806 employers setting up the funds (a 8.3% rise over year-end 2010) with a total of 2.2

, suppliers and partners. More listed businesses in each province will benefit the growth of Thai capital market and economy. The Project participants have become change agents to raise awareness among local

quality improvement not only indicated effectiveness and efficiency of companies? business operation throughout the year, but also allowed shareholders to seek clarification from the management. This year

, because the growth of the same store sales of the domestic restaurants and bakery shops are decreased by 3. 2 percent and 7. 2 percent respectively as a result of an domestic economic slowdown and the

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 28 February 2019 No. ZEN 2562-010 Subject Management Discussion and Analysis for